Opsens Profits Down Amid Development Push

QUEBEC CITY, July 3, 2014 — Fiber sensing firm Opsens Inc. reported a net loss of CA$1.2 million in its third quarter, citing fees related to a licensing agreement and development costs related to an arterial pressure sensor due to hit the market next year.

The company said it is seeking regulatory approval in the U.S., Canada, Europe and Japan for its fractional flow reserve (FFR) products. During the third quarter a cardiologist at the Quebec Heart and Lung Institute performed FFR measurements on 18 patients during coronary angiograms. Results of the study have not been released.

Meanwhile, the company entered into a US$6 million co-development agreement with Abiomed Inc. under which Opsens will supply the sub-assembly of its miniature optical pressure sensor to be integrated in Abiomed’s circulatory assist devices.

Opsens reported revenues of CA$1.7 million in the third quarter, essentially equal to the same period last year. It said lower revenues in it oil and gas segment were offset by higher revenues in its industrial segment. The company reported a net loss of (Canadian) $689,000 in its third quarter last year.